gavel on money

Dale Christian Russell Sr., of Portland, Oregon, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with an investigation into his alleged prohibited activities relating to personal banking accounts. Letter of Acceptance, Waiver and Consent, No. 2016049927302 (July 11, 2017).

According to the AWC, Merrill Lynch corresponded with FINRA regarding Russell’s termination on May 5, 2016, where the firm claimed that Russell’s termination was due to inappropriately handling banking accounts. The AWC stated that Russell was subsequently sent a request by FINRA on May 16, 2016, which called upon Russell to provide information and documentation to FINRA, according to Rule 8210, in reference to the allegations cited by the firm as the basis of Russell’s termination.

The AWC revealed that Russell failed to communicate with FINRA by the deadline imposed; prompting FINRA to follow up on June 2, 2017. Russell then reportedly communicated with FINRA staff on June 8, 2017, where he confirmed that at no point would he cooperate by providing information and documentation that FINRA requested of him. Consequently, FINRA found that Russell’s conduct was violative of FINRA Rules 2010 and 8210, leading to his permanent bar.

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